(In millions) | January 27, | October 28, | |||||
2019 | 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 3,192 | $ | 3,440 | |||
Short-term investments | 520 | 590 | |||||
Accounts receivable, net | 2,444 | 2,323 | |||||
Inventories | 3,703 | 3,721 | |||||
Other current assets | 426 | 530 | |||||
Total current assets | 10,285 | 10,604 | |||||
Long-term investments | 1,588 | 1,568 | |||||
Property, plant and equipment, net | 1,456 | 1,407 | |||||
Goodwill | 3,368 | 3,368 | |||||
Purchased technology and other intangible assets, net | 199 | 213 | |||||
Deferred income taxes and other assets | 2,026 | 473 | |||||
Total assets | $ | 18,922 | $ | 17,633 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 2,420 | $ | 2,721 | |||
Contract liabilities | 1,356 | 1,201 | |||||
Total current liabilities | 3,776 | 3,922 | |||||
Income taxes payable | 1,303 | 1,254 | |||||
Long-term debt | 5,310 | 5,309 | |||||
Other liabilities | 324 | 303 | |||||
Total liabilities | 10,713 | 10,788 | |||||
Total stockholders’ equity | 8,209 | 6,845 | |||||
Total liabilities and stockholders’ equity | $ | 18,922 | $ | 17,633 | |||
APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions) | Three Months Ended | ||||||
January 27, | January 28, | ||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 771 | $ | 165 | |||
Adjustments required to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 88 | 119 | |||||
Share-based compensation | 65 | 65 | |||||
Deferred income taxes | 41 | 32 | |||||
Other | 1 | — | |||||
Net change in operating assets and liabilities | (132 | ) | 1,085 | ||||
Cash provided by operating activities | 834 | 1,466 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (133 | ) | (203 | ) | |||
Cash paid for acquisitions, net of cash acquired | — | (5 | ) | ||||
Proceeds from sales and maturities of investments | 464 | 1,944 | |||||
Purchases of investments | (397 | ) | (384 | ) | |||
Cash provided by (used in) investing activities | (66 | ) | 1,352 | ||||
Cash flows from financing activities: | |||||||
Common stock repurchases | (750 | ) | (782 | ) | |||
Tax withholding payments for vested equity awards | (74 | ) | (141 | ) | |||
Payments of dividends to stockholders | (192 | ) | (106 | ) | |||
Cash used in financing activities | (1,016 | ) | (1,029 | ) | |||
Increase (decrease) in cash and cash equivalents | (248 | ) | 1,789 | ||||
Cash and cash equivalents — beginning of period | 3,440 | 5,010 | |||||
Cash and cash equivalents — end of period | $ | 3,192 | $ | 6,799 | |||
Supplemental cash flow information: | |||||||
Cash payments for income taxes | $ | 34 | $ | 78 | |||
Cash refunds from income taxes | $ | 8 | $ | 40 | |||
Cash payments for interest | $ | 34 | $ | 34 | |||
APPLIED MATERIALS, INC.